New Zealand: Omnibus tax bill introduced | KPMG | GLOBAL

New Zealand: Omnibus tax bill introduced

New Zealand: Omnibus tax bill introduced

The New Zealand government released a 150-page omnibus tax bill that includes measures to revise the tax rules for closely held companies, broaden the application of the non-resident withholding tax rules, and implement the recent related-party debt remission (and capitalisation) announcement.


Related content

The bill also includes certain goods and services tax (GST) changes and various “remedial” amendments. 

The tax bill contains a number of “taxpayer-friendly measures”—such as measures that would legislatively confirm that related-party debt remissions and  capitalisations would not create adverse tax consequences and certain parts of the close company tax package, such as removing loss limitation restrictions for look-through companies.

The non-resident withholding tax rules concerning related-party offshore funding may represent a further New Zealand response to base erosion and profit shifting (BEPS) concerns.


Read a May 2016 report [PDF 604 KB] prepared by the KPMG member firm in New Zealand: Omnibus tax bill is introduced

Budget day

New Zealand’s budget is scheduled to be presented on 26 May 2016.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal